ENTREPRENEURIAL LEADERS: EMBRACE THE WINDING ROAD

By Jeff Amerine

In 1989, my first real exposure to the possibilities of entrepreneurship came via a graduate course in New Venture Development at Western New England College. At the time, I was still serving as an Air Force captain in Air Force Systems Command at Hanscom Air Force Base near Boston. I grew up as a military dependent, and all of my siblings either served or were military spouses. The service was the family business.

Up until taking that New Ventures course, the career possibilities for me seemed to include either staying until retirement in the military or getting out to work for a defense contractor like Westinghouse Electric or Mitre. That New Ventures course scratched an adrenaline-driven itch for me that I hadn’t realized was there. The idea that I could assemble a team and build a new venture was an intoxicating prospect, one that has proven to be a wonderful winding road that I could never have anticipated or planned.

Nine new ventures, three Fortune 500 roles and seven years working in technology commercialization at the University of Arkansas ultimately led to the creation of Startup Junkie, the Conductor, Innovation Junkie and several small venture funds including Cadron Capital Partners. The past 15 years have felt like a calling for me. I couldn’t have known where the winding road of my life would lead. The last 15 years helping catalyze the Arkansas venture ecosystem have been made possible by the amazing Startup Junkie and Conductor teams. They move mountains for innovators, entrepreneurs and small businesses every day.

This winding road over the past 38 years has highlighted for me a few key concepts that can lead to organizational success when followed, or outright failure when ignored. Here are some thoughts that highlight the inexorable link between leadership and entrepreneurial success:

1. What is leadership? Leadership is being willing to serve others from out in front, knocking down obstacles so individuals and teams can succeed. Leaders help answer the “why” question, connecting the vision to strategy and tactics. My business partner, Dr. Jeff Standridge, brings clarity to the conversation when he says, “Good leaders balance results and relationships.” When results and relationships are in harmony, high-performing teams can be the result.

2. When things go well, pass along all the credit; when things go poorly, take all the blame. I first heard this particular statement from Captain Tom Cullen, who was my instructor in 1984 during initial qualification training to be an intercontinental ballistic missile (ICBM) launch officer at Vandenberg Air Force Base. This mantra stuck with me and has served me well throughout my career in building high-performing teams.

3. Learn to be a great follower. Make a leader’s job easier. Stay positive. Constructively challenge leaders with conviction and facts, and realize, ultimately, they have to make the call. Be OK with that. Everybody reports to somebody else, and learning to follow well makes for solid leaders. Even entrepreneurs report to customers, shareholders and their team.

4. Learn from both good and bad examples of leadership. To become a successful entrepreneur being able to identify positive and negative patterns in business models, markets, technology, risks, and most importantly, leadership can be crucial. Pay attention, take notes and learn what works and what doesn’t.

5. Be authentic. Whatever your leadership style may be, embrace it. Don’t put on a “leadership persona;” authenticity can’t be faked, and it can’t be just marketing eyewash. Figure out how to be comfortable in your own skin, and work to accentuate your strengths.

We used to say in the military that as leaders, we are always on parade, that is, your people watch you. Set the example, and be consistent. We’ve seen in recent years how poorly the “Do as I say, not as I do,” approach works for those in power. It erodes trust, and trust is everything.

6. Do the right thing. Gen. Norman Schwarzkopf, who led U.S. forces in the first Gulf War, said we almost always know what the right thing is, we sometimes just struggle to do it. Always have the courage to do the right thing, even knowing that will be more difficult than it seems, because the right thing seldom aligns with the path of least resistance.

7. Have a bias toward action. Most leaders must make tough decisions with 70% of the information they really need. Make a decision, and take action. You’ll learn more from bad decisions taken early than perfect decisions never taken. Entrepreneurs cannot and will not survive waiting for complete or perfect information, so make the decision, live with it, learn from it and keep moving!

8. Dictation. Participation. Delegation. Situational leadership may require different approaches at different times. Understand that you can still be an authentic entrepreneurial leader with your own style, even as you apply different techniques based on the urgency or strategic consequence of a situation.

9. Emotional intelligence and empathy. Leaders must work to understand what their people need in order to be successful. This doesn’t imply a lack of accountability or being soft, but it does mean the leader listens well, engages regularly and pays attention to the team and their needs.

10. Realize not much is accomplished without a great team. The team is the No. 1 asset of any organization. In the classic book, “The Balanced Scorecard” by Kaplan and Norton, there is strong recog- nition that attracting, developing and retaining great talent is crucial to organization success. Key performance indicators must be developed to track how ventures are doing in the talent and team arena. The whole game is about people and teams, in fact, the team is the reason the leader exists! So, lead by walking around. Stay connected. Take deep dives occasionally. Serve the team.

11. Build an enduring and evolving culture. Famous management consultant Peter Drucker is said to have coined the phrase “Culture eats strategy for breakfast.” More recently, the best leaders and teams realize that purpose, mission, vision and core values are the strategy that drives the best companies. This includes how they hire, how they fire, how they interact with their customers and their community. The amazing success Jeston George has had at Apptegy of Little Rock, building a world leader in productivity software for school districts and cities, highlights how crucial a great culture can be. It is real for them, not just slogans on the wall or pages in a presentation. They live it.

12. Lead people and manage things. Know the difference between leaders and managers. Both roles are important, and not every individual can do both functions well. Gino Wickman, who wrote “Traction”, “EOS Life”, and “Rocket Fuel”, talks about the “Visionary Role” and the “Integrator Role.” Many entrepreneurs can be successful visionaries and solid leaders, but they may not be great managers, as sometimes their attention span and shiny object orientation can be a drag on the ultimate success of the venture. If a visionary leader is coupled with a strong integrator: (read detailoriented manager) great things can happen. That said, the best integrators are both great leaders and competent managers.

13. Be a servant leader and pay it forward. “Give and Take” is an incredible book by Adam Grant. Grant is the youngest tenured member of faculty at The Wharton School in Philadelphia and a world-recognized management thinker. A long-term leadership philosophy toward being helpful without an expectation of personal reward is his main theme. The embodiment of paying it forward captures the key findings of his book. Grant defines takers, matchers and givers, and he shows empirical evidence that leaders who give to their teams, their customers and their communities outperform. Giving leaders operate without concern for optimizing their personal gain or reciprocity. Read this book; it is a seminal work on the subject.

14. Imposter syndrome is real. Every leader who is being honest has felt like an imposter when they took on a new leadership role. Embrace that self-doubt. Get comfortable with being uncomfortable. Every role I ever had in 38 years caused me to feel like an imposter at some point. This feeling keeps a leader sharp and is a solid antidote for hubris.

15. Leadership doesn’t equal a title or a name in a box. Informal leadership is powerful and is driven by accumulated respect, the kind of respect that is earned and not appointed. Entrepreneurial leaders figure out how to get things done through persuasion and a solid vision others can believe in, even outside of the traditional reporting structure.

16. Effective oral and written communication is key. This requires work and effort. Entrepreneurial leaders that succeed can tell concise stories that draw their team and their customers in. This skill can and should be learned and practiced. Be candid, provide unvarnished truth up your chain of command and to your team, and avoid the CYA game. Your character and integrity are the only things that really matter.

17. Take care of your team. Leaders must work to prepare their team members to have the best possible career, even if that means they leave to find other opportunities. Early in my professional career, after the Air Force and while at Westinghouse Electric Corporation, I worked for an engineering manager named Jim Strunge. I always wondered why he had the best teams and the best projects. He told me he worked hard to make sure his best team members received awards and promotions, even if those promotions took them to other teams or companies. It worked amazingly well. Everybody wanted to work for Jim Strunge.

18. Be confident, truthful and humble. John Lewis, one of the pillars of the revival of the entrepreneurial scene in Northwest Arkansas, famously said, “Hubris is the first sign of an impending train wreck.” Avoid the “fake it before you make it” syndrome and progressive disclosure. The disgraced founders of Enron, WorldCom, Global Crossing, Theranos and FTX are all examples of what not to do as an entrepreneurial leader.

19. Realize the journey is the destination. Live in the moment and enjoy it, because it goes by so fast. Have fun. Be serious, but don’t take yourself too seriously. Some years back Troy Aikman, the famous quarterback for the Dallas Cowboys, had a moment of reflection after winning his second Super Bowl. He wondered, “Is that all there is?” High achievers spend a ton of time focused on getting there without enjoying the process.

After 38 years, I’ve realized the journey, that winding road with all the ups and downs, is the destination. Make your own path as a leader, and be sure to enjoy the journey! Feel free to reach out to the Startup Junkie, Conductor and Innovation Junkie teams if we can help illuminate your unique winding road.

Jeff is nationally recognized for the creation of lasting venture ecosystems, and co-authored in 2021 the Amazon bestselling book, Creating Startup Junkies – Building Sustainable Venture Ecosystems in Unexpected Places. Jeff has held senior leadership positions in nine startups and multiple Fortune 500 companies including American Freightways and FedEx Freight. He has made more than 90+ venture investments. Jeff now leads Startup Junkie Consulting, and co-leads Innovation Junkie and Cadron Capital Partners. Jeff served as Associate Vice Provost, Research and Economic Development, and Director of Technology Ventures at the University of Arkansas until leaving to pursue Startup Junkie Consulting full-time in 2015. Jeff still serves as an adjunct professor of entrepreneurship at the Sam M. Walton College of Business at University of Arkansas. Jeff graduated from United States Naval Academy in 1984, served as an Air Force Officer for 6 years, and holds a Master of Science in Operations Management from the University of Arkansas.

By AMP Staff

BAPTIST HEALTH-CONWAY NAMED AMONG BEST IN U.S. FOR MATERNITY CARE

Baptist Health Medical Center-Conway was recently named one of the best hospitals in the country for maternity care by the Leapfrog Group, based on its safety grade and other metrics.

The Leapfrog Group is a nonprofit organization founded in 2000 to help consumers better grasp safety and quality in health care. Leapfrog works to improve hospital safety and reliability by promoting hospital transparency and public reporting initiatives.

The Leapfrog safety grade uses over 30 performance metrics to produce a single letter grade representing a hospital’s overall performance in keeping patients safe. Qualifications for Leapfrog’s list of the best 250 hospitals for maternity care require hospitals to carry an A or B letter grade on the assessment for spring 2022. In addition, hospitals had to meet high safety standards in numerous categories, including high-risk deliveries, cesarean sections, early elective deliveries, episiotomies, screening newborns for jaundice before discharge and preventing blood clots in women undergoing cesarean sections.

Baptist Health has had great success in raising Leapfrog scores through a wide range of safety initiatives across many areas of health care. More importantly, the effort has led to decreased infections, decreased surgical complications and a safer environment for patients.

OZARKSGO COMPLETES FIBER OPTICS PROJECT, PLANS EXPANSION

OzarksGo, a Fayetteville-based fiber optic telecommunications subsidiary of Ozarks Electric Cooperative, announced it has recently completed the construction of a fiber optic project that stretches throughout its territory, resulting in connecting its 35,000th subscriber.

OzarksGo provides fiber-to-the-home services. The company differs from other internet providers, which run fiber optics to a hub linked to homes by much less-efficient copper wires. By contrast, OzarksGo runs the fiber-optic connections to the individual subscriber’s home. This process dramatically improves internet capacity and reliability. It’s also faster; average internet speed for other options might range from 10-300 megabits per second, while fiber-to-the-home can reach speeds of 1000 Mbps or 1 gigabit per second.

OzarksGo connected its first customer in 2017 and has made the internet, television, and phone service available to almost all Ozarks Electric members across its territory.

“We could not continue to bring state-of-the-art internet to Northwest Arkansas and Northeast Oklahoma without the help of our employees and those customers who continue to be our best advocates,” Steve Bandy, general manager of OzarksGo, said in the announcement. “Building a world-class fiber network from scratch is not easy, but we believe high-speed internet access is a critical service in the 21st century, whether you live in an urban area or a rural part of the country.”

OzarksGo has also begun to expand its fiber network and expects significant improvements shortly, with multi-gigabit services to come later this year.

Hendrix College Appoints Petersen As New President

Dr. Karen K. Petersen has been appointed the 13th President of Hendrix College, beginning in June 2023. Petersen will succeed W. Ellis Arnold III ῾79, who will become President Emeritus following his retirement in June.

Petersen was raised in Northwest Arkansas and joined the Hendrix community from the University of Tulsa in Oklahoma, where she served as professor of political science and Dean of the Henry Kendall College of Arts and Sciences.

Petersen oversaw the college’s financial, physical, and human resources, including 120 full-time employees in 13 departments. During her tenure as dean, philanthropic giving to the college increased, including a 47% increase in unrestricted giving. She also helped secure a significant unrestricted pledge for student recruiting, marketing, faculty support and annual funding for a partnership with the Tulsa Symphony Orchestra to provide educational opportunities for music students.

Also, under Petersen’s leadership, the university restored academic programs in philosophy and religion and a Bachelor of Music degree.

"I am honored and humbled to be selected as president of Hendrix College. I look forward to serving alongside the caring and talented faculty, staff, and board members as we continue Hendrix's commitment to the life-changing power of a liberal arts education," Dr. Petersen said. "We are privileged to educate the young people upon whose shoulders the responsibility for our future rests, and I am dedicated to strengthening and preserving the residential liberal arts experience."

Petersen previously served nearly 16 years at Middle Tennessee State, where she helped develop and implement a comprehensive student success program, which doubled the four-year graduation rate and resulted in retention of 88% of full-time undergraduates and 86% of Pell-eligible students in the College of Liberal Arts. Her commitment to student success informed her work as a faculty member; she and a colleague developed and led a study abroad program in Israel for seven years and prepared students for prestigious international fellowship competitions.

TURBARE TO INVEST $11M, ADD 100 PHARMACEUTICAL JOBS IN CONWAY

Turbare Manufacturing, a pharmaceutical manufacturer, has revealed plans for a new facility at 925 Jeanette Drive in Conway. Turbare will produce drugs on the U.S. Food and Drug Administration’s shortage list.

“The list is ever-changing, and most are emergency products that contribute to a better quality of life,” General Manager Andria White said. “We will be able to step in and service those areas and fill in the gaps for those products.”

Turbare’s announcement includes plans to invest $11 million in the purchase of the property, modernization of the facility and new equipment. According to CEO Laura Martin, the 44,000-square-foot facility would house a state-of-the-art, automated equipment that will allow it to produce high-quality products.

Brad Lacy, president and CEO of the Conway Area Chamber of Commerce and Conway Development Corporation, said Turbare’s expansion is the continuation of a growing trend in the city that has eclipsed pre-COVID numbers.

“Tubare’s decision to locate in Conway adds to this momentum,” Lacy said. “Conway has always enjoyed a diverse local economy. Turbare will add to this diversification by bringing pharmaceutical manufacturing back to the market.”

Turbare plans to fill and add 100 positions by the end of the year with an average salary of about $50,000. Positions include executive-level positions, directors, managers, and clean-room technicians, as well as positions in warehousing, shipping, receiving, inspection, quality assurance, quality control, customer service and sales.

WOODLAWN SCHOOLS, DELTA SOLAR WORK TOGETHER ON SOLAR ENERGY SYSTEM

DeltaSolar has been commissioned to build a 512-kilowatt solar array for Woodlawn School District in Cleveland County. The solar energy system is designed to offset over 80% of the district’s current electricity demand, resulting in an anticipated savings of approximately $1.5 million over the system’s life.

The Delta Solar team members recently joined school and community leaders at a school board meeting on campus to celebrate the system’s completion.

“Our school board members took a thorough look at Delta Solar’s proposed project and saw the tremendous value it could provide our district,” said Superintendent Kevin Hancock. “I am particularly excited about the learning opportunities our solar energy system will bring our students as they think about career opportunities down the road.”

Douglas Hutchings, Delta Solar CEO said, “Delta Solar is proud to partner with Woodlawn School District on a world-class solar array that will provide significant savings for the district and educational opportunities for students. This project aligns with our mission and values of education and delivering best-in-class solutions to our clients, with a focus on rural communities. "

“We believe it is valuable to expose young people to cutting-edge industries, like Arkansas’ fast-growing solar sector. We are an educational organization that also designs and builds solar arrays, so collaborating with Woodlawn Schools is a source of pride for us."

The school district, which serves 570 students and employs about 80 faculty and staff, will be outfitted with 1,280 panels designed to produce 763,600 kilowatt-hours annually. The amount of clean energy generated each year compared to conventional utilities would be equivalent to taking 85 passenger cars off the road annually and growing over 300,000 tree seedlings for 10 years.

ALICE WALTON GRANTS $500,000 FOR BENTONVILLE LIBRARY EXPANSION

In late January, the Bentonville Library Foundation announced a $500,000 grant from the Alice L. Walton Foundation to support the Bentonville Public Library expansion.

Howard Kerr, president of the Library Foundation, said, “Alice Walton continues to invest in our community, giving every citizen or visitor exposure to things that heighten our interest in art, architecture, health and well-being and education.

The Bentonville Library Foundation is honored that Alice has chosen to invest in expanding our public library. Her generosity is always for the benefit of us, the people. Our appreciation is beyond measure.”

Library Director Hadi Dudley added, “Alice Walton’s philanthropy has significantly contributed to Bentonville’s culture, and her gift to our public library will also have a lasting impact on our community. I am grateful for her support.”

Recent donations bring the foundation’s campaign total to $8.75 million in lead gifts. The private funding raised will join the City of Bentonville’s bond funds of $4.5 million toward the library’s $16.75 million expansion project. To date, combined public and private funding comprise 79% of the amount needed for the expansion.

Several of the investments will be acknowledged through naming opportunities in the library expansion. For example, a $20,000 contribution by Cindy Flynt Walters and Betty Flynt provides naming rights to several family reading nooks in the Children’s Library.

Five corporations have made similar investments, including RJW Logistics Group, which made a $12,000 donation to name a four-seat adult meeting room, and Best in Class, which is naming the Library Foundation office for its donation of $10,000.